Canada’s dollar dropped the most since November, falling for a third straight week as concern Europe’s debt crisis will worsen overshadowed government data showing inflation and factory sales rose more than forecast.
Canada’s currency posted its first advance in three weeks amid gains in equities and speculation the Bank of Canada will raise interest rates after a report showed job growth beat economists’ expectations fivefold.
The Australian and New Zealand dollars rose to record highs against the euro as the shared currency tumbled versus after the European Central Bank disappointed investors hoping for more steps to combat the region’s debt crisis.
Canada’s dollar traded at an almost three-month high after crude oil gained and a report showed U.S. retail sales rose, boosting optimism demand for exports to the nation’s largest trading partner will increase.
The Canadian dollar fell against the majority of its most-traded peers as weaker-than-expected data called into question the strength of the nation’s economic growth and the timing for interest-rate increases.
Canada’s dollar dropped against the majority of its most-traded counterparts as equities declined on deepening concern growth in the economy of the U.S., the nation’s biggest trading partner, is slowing.